46 U.S.C. § 53513 — Corporate reorganizations and partnership changes

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 81 words · no verdicts yet

in plain englishAI-generated · not legal advice

Under joint regulations, moving a capital construction fund during certain corporate reorganizations doesn't have to count as a nonqualified withdrawal. The same protection can apply when a partnership continues under the tax code's partnership rules.

This section is one undivided provision, with two listed items. Under joint regulations: (1) transferring a capital construction fund from one person to another, in a transaction covered by Internal Revenue Code section 381, can be treated as not a nonqualified withdrawal; and (2) a similar rule applies when a partnership (as defined in tax code subchapter K) continues.

the actual law source: uscode.house.gov ↗public domain

Under joint regulations—

(1)

a transfer of a capital construction fund from one person to another person in a transaction to which section 381 of the Internal Revenue Code of 1986 (26 U.S.C. 381) applies may be treated as if the transaction is not a nonqualified withdrawal; and

(2)

a similar rule shall be applied to a continuation of a partnership (within the meaning of subchapter K of chapter 1 of such Code (26 U.S.C. 701 et seq.)).

Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)

history & why it existsrecord from the source credit

2006Enacted · Pub. L. 109-304 · 120 Stat. 1599

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.

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